Thought-leadership initiatives are rapidly becoming a standard in today’s marketing-driven world—especially among professional services providers such as attorneys, management consultants, accountants and financial advisors.
The rationale for pursuing a thought-leadership position is straightforward and logical, and has it been empirically verified. Professionals who are able to raise their profiles attract more clients and generate more business from existing clients.
From a business development perspective, thought leadership is about more than being identified as an expert in a specialized field. To be effective, thought leadership enables professionals to consistently convert their enhanced positioning into increased financial and strategic value.
A thought leader is recognized as a leading expert in a specialized field and is able to monetize this positioning.
Most professionals recognize the power of thought leadership. However, the ability of the great majority of professionals to become thought leaders is actually quite limited. Whether high-quality thought-leadership content is being created or curated or both, one of the most common mistakes is failing to fully leverage the intellectual content.
Ten years ago, a whitepaper was unexpected and unique, but that is no longer the case. These days, there are many papers being produced, most of which are closer to sales and advertising materials rather than the truly creative and strategic insights that the wealthy desire and need.
Today more than ever, it is easy to become a published author. There are a number of firms that are able to help you take our ideas and put them into books. Again, this will not necessarily make you a thought leader.
The whitepaper or the book can no longer stand alone. However, when they are part of a larger, integrated marketing initiative they are more likely to generate the desired results for authors and sponsors. The greatest impact happens when the content is repurposed across mediums and outlets to reach distinct, inter-related audiences. The multifaceted initiative must also include explicit details on the solutions, successes and know-how of its thought leaders to ensure significantly, perhaps exponentially, greater results and revenues.
Another pervasive (and somewhat related) mistake is failing to adequately follow up. It is all too common for professionals to produce events, for example, that highlight their knowledge and recommendations for a course of action. Despite strong attendance by the affluent, most professionals neglect to circle back to the attendees to determine if there are opportunities for new business. Regular, proactive follow-up after such events produces substantially more business than waiting for the prospects to reach out.
For a specific community of the wealthy and other professionals, you can become a thought leader. You can source or build your own high-quality content. But converting your positioning to revenues requires additional actions. Developing skillful, integrated marketing campaigns followed by proactive engagements with attendees can result in an engine for business development.
Russ Alan Prince, president of R.A. Prince & Associates, is a consultant to family offices, the ultra-wealthy and select professionals.